Sam Bankman-Fried

The rapid implosion of FTX has led general investors and crypto believers alike to question the validity of crypto and, indeed, predict its end. But, an understanding of history points not to crypto’s demise but rather a move toward new technology and growth.  Financial markets move, as Willie Nelson once said, in phases and stages, circles and cycles. Companies develop ideas, grow quickly, ignite unwarranted investor euphoria and then implode — only to seed the ground for the next company, the next idea and the next growth phase. Crypto is no different. In 2010, an unknown person famously used Bitcoin (BTC) to buy pizza. After its initial launch, market capitalization grew to more than $12 billion when Mt. Gox’s 2014 hack and bankruptcy precipitated crypto’s first bear market. The ma...

On Nov. 11, while the rest of the country was celebrating Veteran’s Day, Sam Bankman-Fried announced that FTX — one of the world’s largest cryptocurrency exchanges by volume — had filed for bankruptcy. Lawmakers and pundits quickly latched onto the rapid disintegration of FTX to call for more regulation of the crypto industry. “The most recent news further underscores these concerns [about consumer harm] and highlights why prudent regulation of cryptocurrencies is indeed needed,” said White House Press Secretary Karine Jean-Pierre. It remains unclear what exactly transpired at FTX. Reports indicating that between $1 billion and $2 billion of customer funds are unaccounted for are deeply troubling. Widespread consumer harm and indications of corporate impropriety only increase the likelihoo...

The collapse of FTX has shown that where there’s smoke, there’s fire. In a year filled with jaw-dropping unveilings, none compare to the bewildering fall of Sam Bankman-Fried’s FTX exchange. While many were stunned, there were a few tell-tale signs that may have indicated not everything was peachy-perfect over at FTX headquarters. These issues began to compound and, on Oct. 5, I published a detailed commentary about my decision to begin pulling funds out of FTX and short FTT. Im taking all of my capital out of @FTX_Official and going short $FTT FTX has been swinging and missing all year long on so many activations AND Something shady is going on at FTX. Here’s 12 reasons why I’m completely out on the FTX mafia and @SBF_FTX: [1/20] pic.twitter.com/ECrhQn5Rjx — Ishan B (@Ishanb22...

FTX — the three letters on everyone’s lips in recent days. For those active in the crypto space, it has been a shattering blow as a tumultuous year for crypto nears an end.  The repercussions are severe, with over a million people and businesses owed money following the collapse of the crypto exchange, according to bankruptcy filings. With investigations into the collapse ongoing, it will certainly push forward regulatory changes, either via lawmakers or through federal agencies. While regulators may feel relieved that the scandal didn’t occur under their supervision, it highlights that there simply hasn’t been enough action taken yet by regulators across the globe toward crypto exchanges, many of whom would welcome clear frameworks by those in power. Related: Bankman-Fried misguided ...